Emmis Cuts Wages 10%

Most Emmis Communications Corporation employees will take a 10% pay cut beginning Nov. 26. The cut will be supplemented with a corresponding 10% Emmis stock award. Emmis Chairman/CEO Jeff Smulyan said in a message to employees that the move will allow the company to reduce payroll expenses, increase cash flow and lower leverage while maintaining the product and efficiency of operations. "While other companies are instituting massive layoffs, selling key strategic assets and suspending 401(k) and other benefit programs, we decided to address the issue in a manner that fits Emmis," Smulyan said.